HomeMy WebLinkAboutRES 2002-76RESOLUTION NO. 2002-76
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND BAR
DECLARING ITS INTENT TO ISSUE TAX-EXEMPT OBLIGATIONS FOR CAPITAL
IMPROVEMENT PROJECTS AND TO ALLOW FOR THE REIMBURSEMENT OF
CITY EXPENDITURES MADE PRIOR TO THE ISSUANCE OF SUCH OBLIGATIONS
AND APPOINTING A FINANCING TEAM IN CONNECTION THEREWITH.
RECITALS:
WHEREAS, the City of Diamond Bar (the "City") desires and intends to finance the acquisition and/or
construction of a community/senior center and other capital projects, in furtherance of its municipal
purposes (the "Project"); and
WHEREAS, the City expects to cause the execution, delivery, and sale of tax exempt bonds, notes,
or other obligations, in one or more series, for the purpose of providing financing for the Project in a
principal amount of not to exceed $17,000,000 (the "Obligations"); and
WHEREAS, the City expects to incur certain expenditures relating to the Project and to pay for such
expenditures from the City's money on hand prior to the execution of the Obligations (the
"Reimbursement Expenditures"); and
WHEREAS, the City reasonably expects to use a portion of the proceeds of the Obligations to
reimburse the City for the Reimbursement Expenditures,
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF DIAMOND BAR, CALIFORNIA, DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The City hereby declares its official intent, subject to further approval of this
Council, to use the proceeds of the Obligations to reimburse itself for the Reimbursement
Expenditures. It is intended that this Resolution shall constitute a declaration of "official intent" within
the meaning of Section 1.150-2 of the Treasury Regulations promulgated under Section 150 of the
Internal Revenue Code of 1986.
Section 2. The adoption of this Resolution shall not bind the City to proceed with the
execution and delivery of the Obligations until and unless all other necessary actions and approvals
are taken or received in accordance with all applicable laws.
Section 3. The City Council hereby appoints Fulbright & Jaworski L.L.P. as Bond Counsel
and Disclosure Counsel, appoints Kosmont Financial Services, Inc. as the Financial Advisor and
appoints US Bancorp Piper Jaffray as the underwriter in connection with the execution and delivery of
the Obligations.
Section 4. The City Manager, or her/his designee, is hereby authorized and directed, for
and in the name and on behalf of the City, to do any and all things and take any and all other actions,
Res. 2002-76
which they, or any of them, deem necessary or advisable in order to consummate the purposes,—..
described herein.
PASSED, APPROVED AND ADOPTED this 5th day of _November, 2002.
ZZ� �Wenhang,yor ---7
I, LYNDA BURGESS, City Clerk of the City of Diamond Bar, California d6--fiereby certify that
the foregoing Resolution was duly and regularly passed and adopted by the City Council of the
City of Diamond Bar, California, at its regular meeting held on the 5th day of November ,
2002, by the following vote:
AYES: COUNCIL MEMBERS: Herrera, Huff, Zirbes, MPT/O'Connor, M/Chang
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAINED: COUNCIL MEMBERS:
L nda Burgess, Ci Clerk
City of Diamond Bar
Res. 2002-76